Woodworth, ND Median Household Income By Age

Woodworth, ND median household income by age of householder

As one can expect, household incomes typically rise as the head of the household gets older. However, this upward trend reaches a peak at a certain point, and beyond that, it tends to level off or even decrease. Based on our analysis of the distribution of Woodworth population by age, the median age in Woodworth is 66.5 years.

Typically for a location with median age in this range, it suggests a significant population of retirees or older individuals. Interestingly, within Woodworth, the age group of 65 years and over also exhibits the highest median household income, recorded at $38,396.

In terms of income distribution across age cohorts, Woodworth only reports a median household income of $38,396 among householders in the 65 years and over age group.

For a better visual representation of these income disparities, refer to the bar chart below. It offers a clear illustration of the differences in median household incomes based on the age of householders, derived from most current ACS data provided by the Census Bureau for the city of Woodworth.

FIGURE 1

Woodworth, ND median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Woodworth, based on the age of householders divided into four cohorts : Under 25 years, 25 - 44 years, 45 to 64 years and 65 years and over.

Analysis of income trends over the past decade highlights notable shifts across various age groups. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $20,892(119.36%), escalating from a median of $17,504 in 2012 to $38,396 in 2022. Conversely, the age group of 65 years and over years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $20,892(119.36%), increasing from a median of $17,504 in 2012 to $38,396 in 2022.

Woodworth, ND household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Woodworth population, we conducted an analysis of household incomes across 16 distinct brackets within four age cohorts: under 25 years, 25 to 44 years, 45 to 64 years, and over 65 years.

Upon closer examination of the distribution of households among age brackets, it reveals that there are 2(6.45%) households where the householder is under 25 years old, 5(16.13%) households with a householder aged between 25 and 44 years, 6(19.35%) households with a householder aged between 45 and 64 years, and 18(58.06%) households where the householder is over 65 years old.

In Woodworth, the age group of 65 years and over stands out with both the highest median income and the maximum share of households. This alignment suggests a financially stable demographic, indicating an established community with stable careers and higher incomes.

FIGURE 2

Woodworth, ND household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Woodworth: under 25 years, 25-44 years, 45-64 years, and over 65 years

To further explore the income distribution and gain insights into financial landscape of Woodworth when compared to the state of North Dakota and The United States, we analyzed household incomes across various age cohorts and their corresponding income brackets. Here, are our key findings:

• Householder under 25 years: It is noteworthy that no households in Woodworth, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $77,010 for the state of North Dakota. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
• Householder 25 to 44 years: In Woodworth, among households headed by individuals aged 25 to 44, an impressive 80% match or surpass the state of North Dakota median income of $77,010. These 4 households, represent a significant portion of the total 5 households in Woodworth within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Woodworth, within the age group of 45 to 64 years, a noteworthy 50% of households meet or exceed the state of North Dakota median income of $77,010. These 3 households, out of the total 6 households in this age cohort, signify a notable portion of mature demographic of Woodworth, showcasing commendable financial stability in comparison to the North Dakota state median income benchmark.
• Householder 65 years and over: In Woodworth, among the over 65 years age group, only 11.11% of households either match or surpass the state of North Dakota median income of $77,010. These 2 households, constituting low portion of the Woodworth city senior population, showcase commendable financial stability compared to the North Dakota state median income benchmark.

Things to know

Which age group reports the highest median household income in Woodworth, ND?

In Woodworth, households led by individuals aged 65 years and over report the highest median household income of $38,396 according to the American Community Survey 2018-2022 5-Year Estimates by the US Census Bureau.

How does the median household income vary by age in Woodworth, ND?

In terms of income distribution across age cohorts, Woodworth only reports a median household income of $38,396 among householders in the 65 years and over age group..

How does the median household income for households led by individuals of median age compare in Woodworth, ND?

The median age in Woodworth is 66.5, which falls within the 65 years and over range among the four age groups defined by the US Census Bureau. This demographic suggests a significant population of retirees or older individuals. Interestingly, within Woodworth, the age group of 65 years and over also exhibits the highest median household income, recorded at $38,396.

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